Beyond Sportswear landed itself in a
spot of trouble yesterday after failing to lodge financial accounts
with the Australian Securities Exchange (ASX) in accordance with the
listing rules.
The manufacturing and distributing sporting apparel company was among 18 other businesses which had their shares suspended yesterday for the error.
Beyond Sportswear has now submitted its financial report for the half year ended December 2010 and according to the documents now available on the ASX, the company recorded a loss of $520,000 in total comprehensive income for the period.
Despite sales revenue of around $7.4 million, ongoing company costs whittled the figure down to a loss. Segment profit for the company's Teamwear and Schoolwear divisions also declined, coming in at $264,00 and $184,000 respectively, compared to $735,000 and $694,000 in the previous corresponding period (half year ended December 21, 2009).
The director's report stated that “the loss before tax from ongoing operations was in line with last year, despite 'softer' sales in both the Teamwear and Schoolwear segments”.
According to the report, however, the trading activity for Beyond Sportswear in 2011 has been satisfactory so far.
“The company's trading activity in January and February 2011 was good and forward order book indicates that strong trading will continue in the first quarter of calendar 2011. Forecasting future financial performance is challenging, however, the outlook in the Teamwear segment remains positive and plans have been developed to restructure the School's business and we expect improvement in both sectors.”
The company also reported that strategies to reduce costs for the year ahead were under way.
“Operating costs continue to reduce as further synergies are achieved and there are several initiatives that will be implemented in the March 2011 quarter to further reduce operating cost. New products are now being marketed in both Teamwear and Schoolwear segments and UK operations have been restructured to reduce its cost base by using more of Australia's facilities.”